Yes it is possible via USB as well but it's a "untested" feature yet so no guaranties it'll work flawlessly. Though using it on your wifi shouldn't affect your data plan at all as data never leaves your home network, it's just sent between your computer and your phone internally.

Premium

So I downloaded and tried this baby today, and I love it!
The latency when I ran over WiFi is not noticable, feels pretty much 1:1! The info on display seems useful to me, I'm too much of a noob still to make use of most of it, but the Revmeter at the top is the icing on the cake, love it!
After testing the functionality for a couple of mins it became apparent that I would want it somewhere I could see it easily without being in the way, so I started shuffling through some drawers to see if I could find something to help me mount my phone. I found some velcrostrips laying around and some glue, just what I needed. You can see the result on the pics below, not perfect by any stretch but it works ^^

Prob couldn't find a cheaper overall solution, beats having to buy a SLi-M or Pro in a while

StaffPremium

The Velcro solution didn't last long, when I was about to remove the phone from the wheel the first time the Velcro strip on the back of my phone came off. So I found a new solution. Bought a €9 hardcase for the Desire and glued it straight on to he base of the wheel. Still waiting for the glue to dry properly before I test it, but will post the result later on.
Looks ok for now.

StaffPremium

The Velcro solution didn't last long, when I was about to remove the phone from the wheel the first time the Velcro strip on the back of my phone came off. So I found a new solution. Bought a €9 hardcase for the Desire and glued it straight on to he base of the wheel. Still waiting for the glue to dry properly before I test it, but will post the result later on.
Looks ok for now.

So I downloaded and tried this baby today, and I love it!
The latency when I ran over WiFi is not noticable, feels pretty much 1:1! The info on display seems useful to me, I'm too much of a noob still to make use of most of it, but the Revmeter at the top is the icing on the cake, love it!
After testing the functionality for a couple of mins it became apparent that I would want it somewhere I could see it easily without being in the way, so I started shuffling through some drawers to see if I could find something to help me mount my phone. I found some velcrostrips laying around and some glue, just what I needed. You can see the result on the pics below, not perfect by any stretch but it works ^^

Prob couldn't find a cheaper overall solution, beats having to buy a SLi-M or Pro in a while

Click to expand...

I think this is quite good, no doubt. And how the heck did he manage to capture the data for the g-meter? Wasn't that channel closed for telemetry?

Anyway, great. Only one prob with your setup, Kjell: you have to look away from the monitor. Maybe not for long but sometimes doesn't it cut it too close?

No idea on the g-force, not sure it works even, haven't looked at it once

As for being off the screen, well it's just below my screen and the main thing I wanted out of it was the rev meter lights along the top. It takes a little getting used to, but you can see it in you peripheral vision that a gear change is coming up without taking your eyes off the road/screen.
Also it allows me to easily see what gear I'm in if I get unsure how much I've downshifted.
I honestly haven't used the other info yet, as you say it takes your eyes off the screen to watch, but then again so would it for a real race driver in a real car, at least I haven't seen any race cars that project telemetry on the windshield yet